DoBusiness

Create Log-In 

    CREATING A LOG-IN 

• Approved With CMG:
• One log-in will be issued to the designated administrator
• The administrator can create individual log-ins for agents & processors
• If you are the designated administrator for your brokerage 

• Not Approved with CMG yet:
• You can still get your first loan in to CMG!
• Contact me for temporary log-in
• Dave Herbst - 858-583-3745 or dherbst@cmgmortgage.com

    FORGOT OR HAVING PROBLEMS LOGGING-IN

• Call 925-983-3072 or email jbarritt@cmgmortgage.com

Disclosing 2010                                                        Back to Top

    LENDER DISCLOSING

• The borrower cannot pay for an appraisal until the lender disclosures are confirmed received or 3 days after we mail / email them (not counting Sundays and Holidays). If you (the broker) want to pay for the appraisal on behalf of the borrower, there is no waiting period. But that is rare, so to aide in quick closings:

• If your borrower has an email address, upload the complete file as normal, and CMG will email the disclosures to the borrower and cc the broker contact listed on the submission form. In the email, we will be asking for the borrower to confirm receipt with a reply-to-all. If the borrower does not reply, the broker will need to wait 3 days before ordering the appraisal. Auto return receipt is not acceptable; we have to get a reply from the borrower.

• If your borrower does not have an email address, please upload the file as normal and let us know on the submission form. CMG will then mail disclosures to your client within 24 hours.  Your borrower cannot pay for any part of the transaction until 3 days after we mail them to allow time for receipt.  

• The new regulations require a lender to re-disclose when the APR moves upward by more than .125% from the initial GFE, and allow 3 days for the borrower to receive the new disclosures, and 3 more for the borrower to rescind, before we are able to draw, or redraw Docs.  Again, to speed the process up, CMG will be emailing the new disclosures to your borrower.

• CMG is providing you with a "request to re-disclose" form to be completed when this is necessary. You have to tell CMG when to re-disclose, by emailing this form along with a new GFE to the appropriate internal CMG Account Manager working on your file. 

• Request to re-disclose form

• CMG will then email the new disclosures back to the borrower, and ask for the same reply-to-all so to shave 3 days off of the 6.  If your borrower does not have an email account or does not acknowledge receipt, we will have to wait 6 business days to draw docs.

• TIP: As long as you over-disclose by no more than an .125% in APR CMG will not need to re-disclose.  That's roughly 1% of the loan amount without triggering enough change in APR to force the re-disclosure.

• TIP: When extending a lock and there is a cost to it and that cost reduces your YSP-Rebate, CMG will not need to re-disclose.

• In the event you need to request a lock extension, be aware of the cost associated with the necessary time CMG needs to remain compliant (extension costs below in grid).

• When extending a lock and there is a cost to it and that cost reduces your YSP-Rebate, CMG will not need to re-disclose.  A 5 day extensions will be ok.

• When extending a lock and there is a cost to it and that cost takes your pricing from a YSP-Rebate to a Cost-Discount, CMG must re-disclose. So you will need a 10 or 15 day extension. 

• Be sure to use the request to re-disclose form.

• Effective Jan 1, 2010 any loan application taken must adhere to the new RESPA guidelines. Here are some helpful hints and materials to assist you thru the new requirements. The new requirements were put in place to do 2 things:

1. Establish that YSP (rebate) belongs to the borrower and must always go to them. 
2. Establish a system that allows a borrower to truly know exactly what closing costs they will have when they close escrow + eliminate "bad" GFE quotes from our industry.

• Wholesale vs. Retail

• Yes, a retail bank originator doesn't have to disclose YSP, but this is an opportunity for you to be the hero to your customer. 

• While the retail originator might still be motivated almost entirely by YSP, increasing the rate up; your competitive edge will now be much clearer to your borrower because you can now display in a transparent fashion:

• A lower rate offering
• A competetive flat origination fee
• Credits towards settlement charges

• Take advantage of the new GFE format by informing your customer on the hidden truths behind retail origination

• Resources:

• GFE Hotline (925) 983-3140 or GFEQ@cmgmortgage.com

•  Instructions for completion GFE 2010
•  Appraisal Services fees
•  CMG Fee Matrix
•  Q and A on GFE 2010
•  Power Point on 2010 GFE

• CMG Required Forms:

•  2010 GFE
•  2010 HUD
•  Settlement Services Providers List
•  Mortgage Broker Fee Agreement
•  Intent to Proceed
•  Itemization of Fees

Submitting to CMG                                                   Back to Top

    UPLOAD FNMA 1003

•  Submission Form
•  Log-In

• Once logged-in, click "Pipeline" at top of screen
• Click "Upload Loan"  (don't choose "register loan")
• Fill in the blanks, enter CMG product code # (see rate sheet)
• "Browse" your desktop & attach your fnma file
• Enter any comments or contact info
• Click "Submit"
• A loan number is generated for your newly submitted 1003

    UPLOAD DOCUMENTS

• Click your mouse on the new file
• Click "Upload a Document"
• Browse your desktop and attach your supportive documents
• Choose 1 of 6 options for Document Type - examples: 
• Click "Submit"

    CONFIRM THE UPLOAD BY VIEWING DOCUMENTS

• While in your pipeline click your mouse on the file you want to view
• Click your mouse on "View Documents" on the top right corner
• Make Sure your upload was complete and clear for the underwriter
• If you have any problem, call Web-Support: 925-983-3072

Stacking                                                                     Back to Top

    CONVENTIONAL PRODUCT

•  Submission Form

• Credit Documentation:
• Must be dated w/in 30 days of borrower's  intial handwritten 1003 & 90 days of the note
• GFE
• Prelim (dated within 60 days of the note)
• Wire Instructions - separate from Prelim authorized by Title
• Escrow
• Credit Report
• Full Income Documentation - list by employment 
• Asset documentation - recent 60 days seasoned bank statements
• Purchase Contract (if applicable)
• Verification of Mortgage (if mortgage not reporting on bureau)
• Rental history or 12 months canceled checks (FTHB)

    HOME OWNERSHIP ACCELERATOR

    REFI PLUS

• Check Property Eligibility 
• Existing loan was delivered to FNMA prior to March 1st, 2009
• Check FNMA's website 

• Check for Program Eligibility
• CMG encourages you to run DU prior to submission (but not required)
• DU must issue "Refi Plus Eligibility" on findings
• DU will only issue eligibility if no other FNMA based program is available
• Refi Plus is not intended for borrowers not able to qualify for conventional FNMA product

•  Submission Form

• Reduced Full Income Documentation:
• Wage, Salary, Bonus and Overtime - 1 recent paystub and VOE
• Self Employed and Commissioned - Most recent 1 year tax return

• Credit Documentation:
• Must be dated w/in 30 days of borrower's intial handwritten 1003 & 90 days of the note
• GFE
• Prelim (dated within 60 days of the note)
• Wire Instructions - separate from Prelim authorized by Title
• Escrow
• Credit Report
• Full Income Documentation - list by employment 
• Asset documentation - recent 60 days seasoned bank statements
• Purchase Contract
• Verification of Mortgage (if mortgage not reporting on bureau)
• Rental history or 12 months canceled checks (FTHB)   

    FHA (FULL)